Innovation, Startups and Venture Capital in Iceland

German investor and Bitcoin miner wants to buy a geothermal power plant in Iceland

Photo: Genesis Mining

Marco Andreas Streng, founder and CEO of Genesis Mining, expressed his interest in buying a geothermal power plant in Iceland in an interview with Viðskiptablaðið earlier this week.

Streng, who is 32 years old and from Germany, founded Genesis Mining in 2013. A year later, the company started operating in the Reykjanes peninsula in Iceland, but now it has active operations in all continents. According to Streng, Iceland is a profitable place for cryptocurrency mining due to the country’s cold climate and low energy prices.

On the company’s website, Genesis Mining claims to be the world’s largest cloud Bitcoin mining company and one of the leading cryptocurrency miners in the world.

Streng says that Genesis Mining is a big buyer of Icelandic energy, with their data centre in Iceland buying energy for €12 million, or $14.7 million annually from the Icelandic power supplier. However, he seems to have plans on taking a more active part in domestic energy production, as he is interested in buying a geothermal power plant.

Along with Genesis Mining, Streng also founded Logos Fund in 2016, which was the first listed investment fund which specialised in cryptocurrency mining. The fund does not appear to have been active for the past three years, but in 2017 its assets amounted to $100 million.

Sign up for The Northstack Memo, our newsletter covering the Icelandic startup, innovation and venture capital scene.

%d bloggers like this: